I am setting a science-based target for a client who is in the ICT sector but has greater than 5% of their revenue from investment activities, e.g. holds shares in companies or invests in funds. Would they be considered a FI even though their principal revenue comes from their ICT business?
Under the current SBTi criteria it states:
The SBTi defines a FI as a company whose business involves the arrangement and
execution of financial and monetary transactions, including deposits, loans, investments, and
currency exchange. More specifically, the SBTi deems a company a financial institution if 5%
or more of its revenue or assets comes from the activities described above